VEGAN BACON MARKET ANALYSIS

The global vegan bacon market was valued at US$ 1,271.3 Mn in 2022 and is expected to reach, exhibiting a CAGR of 6.7% during the forecast period 2023-2030.

Global Vegan Bacon Market: Drivers

• Increase in Production of Mushrooms: The rising production and consumption of mushroom such as button mushroom, oyster mushroom, and others is also expected to drive the market growth in the coming years. For instance, on December 8, 2020, Post Holdings, a consumer packaged goods holding company, acquired Peter Pan brand of Conagra (consumer packaged goods holding company) and the transaction between Conagra and Post Holdings was completed on January 25, 2021. Acquired Peter Pan brand of Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation and the transaction between Conagra and Post Holdings was completed on January 25, 2021.
• Increase in demand for Plant-Based food products: Increasing demand for plant-based food products such as tofu, bread, rice, dry pasta, and others is also boosting the market growth. In November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California. Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029. According to global news wire, in November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California and this food stores are expanding weekly in the state. According to the company’s report, Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029.

Global Vegan Bacon Market: Restraints

• Highly processed food restraining the market growth: Vegan bacons are highly processed foods which can restrain the market growth. They tend to be high in (Sodium) saturated fat such as coconut and palm oil. Presence of saturated fats can hamper the market growth during the forecast period.

 Global Vegan Bacon Market: Opportunity

• Increase in Consumption of Mushroom: Rising production and consumption of mushroom such as button mushroom, oyster mushroom, and others across the globe is expected to drive the global plant based meat market growth. (Increasing number of vegan population) across the globe is expected to drive the market.

• Increase in Demand for Plant-Based food products: Increasing demand for plant-based food products such as tofu, bread, rice, dry pasta, and others is also boosting the market growth. In November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California. Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029. According to global news wire, in November 2020, Hooray Foods, a plant-based meat company launched around 300 whole food stores across California and this food stores are expanding weekly in the state. According to the company’s report, Hooray Foods estimated their growth projection of US$ 140 billion by the end of 2029.

Global Vegan Bacon Market: Trends

• Growing Awareness of Medical Advantages of Vegan Bacon: Rising awareness about the medical advantages of vegan bacon can boost the market growth. For instance, on April 29, 2021, vegan food manufacturer, Upton’s Naturals collaborated with Dot Foods, which is a food industry redistributor in North America. The new relationship will increase the availability of 100% vegan meat alternatives for distributors, restaurants, and foodservices establishments’ nationwide. Additionally, In July 2022, the International Agency for Research on Cancer, part of the World Health Organization, classified the utilization of red meat as probably oncogenic to humans. On the basis of sufficient evidence, it was concluded that the consumption of processed meat causes colorectal cancer which can hampered the market growth of meat-based products. Furthermore, in June 2020, a leading vegan bacon manufacturer, Beyond Meat, announced to acquire a new production unit in Enschede, Netherlands for the expansion of their production capacity in Europe.

Global Vegan Bacon Market: Key Developments

• In May 2023, After a rigorous review process, Beyond Steak®, the latest groundbreaking innovation by Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based meat, is now certified by the American Heart Association’s Heart-Check Food Certification Program. Beyond Steak joins the ranks of a select number of products that meet the American Heart Association’s exacting nutrition criteria to help people make informed choices about the food they purchase.
• In April 2023, Beyond Meat (NASDAQ: BYND), a leader in plant-based meat, announced the foodservice launch of Beyond Pepperoni and Beyond Chicken Fillet, building on their recent roll out of Beyond Steak. All three products deliver on Beyond Meat’s commitment to offer plant-based proteins that are indistinguishable in taste from animal meat, but with the added health and environmental benefits of plant-based meat. 

In March 2022, Sunfed – one of New Zealand’s leading plant-based brands – has launched its latest raw alt meat cut. The latest offering, Bull Free Beef Raw Prime Diced, will launch this week through Countdown, New Zealand’s largest supermarket chain. 

Global Vegan Bacon Market: Regional Analysis

Among region, North America region held a dominant position in the global vegan bacon market in 2022, accounting for 40.1% market revenue share.

Figure 1. Global Vegan Bacon Market Share (%), By Region, 2022

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Global Vegan Bacon Market: Segmentation

• The Global Vegan Bacon market report is segmented into source, storage, product, type and distribution channel.
• Based on source, the market is segmented into: Soy, Wheat, Pea, Blends and Other Sources. Out of which, Soy is expected to dominate the global market over the forecast period. Wheat segment is also expected to witness significant growth in the near future. Based on storage, the market is segmented into Frozen, Refrigerated, and Shelf-stable.
• Among flavoring, the smoked paprika segment held a dominant position in the global vegan bacon market in 2021, accounting for 38.2% market revenue share.

Figure 2. Global Vegan Bacon Market Share (%), By Flavoring, 2022

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Global Vegan Bacon Market: Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 has positively as well as negatively affected the plant-based industry. During the pandemic, vegan, vegetarian, and flexitarian diets were rising rapidly. Due to lockdowns, travel bans, and business shutdown reduced the economic and industries growth of the developing countries. During the pandemic, disruption in the supply chain, vegan bacon market witnessed the lower growth.) However, the increased consumption of vegan products during COVID-19 can boost the market growth, owing to different taste and flavor of these products. Due to COVID-19, consumers are more concerned about their immune health, energy metabolism, systematic inflammation, weight level, and their current lifestyles.

Global Vegan Bacon Market: Key Companies

Major players operating in the global vegan bacon market include Cool Foods Inc., Beyond Meat, Hooray Foods, Kellogg NA Co., Omni Foods, Tofurky, LikeMeat GmbH, Upton’s Naturals, Whole Perfect Food, Sweet Earth Foods, Sunfed Ltd., Lightlife, Organic Matters, and The Vegetarian Butcher.

*Definition: Vegan bacon is generally healthy and can be used in sweet as well as savory dishes because it is flexible for making the dishes and popular choice for chefs to add flavor and excitement to their dishes or menus. Most vegan bacon has healthy fats, a considerable amount of protein, and fiber.